homebusiness Newscompanies NewsLandmark Cars targets ₹100 crore revenue with strategic focus on pre owned luxury cars
Landmark Cars targets ₹100 crore revenue with strategic focus on pre-owned luxury cars
In an exclusive conversation with CNBC-TV18, Sanjay Thakker, the promoter and executive chairman of Landmark Cars, outlines the company's strategic approach to making pre-owned luxury cars a substantial part of their business.
Landmark Cars, the only listed car dealership chain in India, is set to revolutionise the pre-owned car market, aiming for ₹100 crore in revenues. In an exclusive conversation with CNBC-TV18, Sanjay Thakker, the promoter and executive chairman of Landmark Cars, outlined the company's strategic approach to making pre-owned luxury cars a substantial part of their business.
Thakker emphasised the importance of filling the void in the Indian auto dealership industry and expressed optimism about the growth potential in the luxury car segment.
Landmark Cars currently operates with two pillars of business—sales and after-sales services. However, Thakker envisions the addition of a third pillar, focusing on pre-owned cars, to create a more comprehensive business model.
Thakker said, “As of now, we have two pillars of business—one is sales and the other is after sales. We want to add the third pillar, which is pre-owned cars, as a meaningful business. In India, that business for auto dealerships currently isn’t a meaningful part, and we want to change that.”
Thakker highlighted the low luxury car penetration in India, currently standing at 1%, compared to a substantial 7% in China. He attributed this to the buoyant mood in the nation, with people believing that it is India's time to shine.
Thakker expressed that the 1% penetration is insufficient, considering the vast potential for growth in the luxury car market. He draws parallels to China, where two million luxury cars are sold, whereas India, with its 40,000 luxury cars, represents only 2% of the Chinese market.
Thakker sees this as the beginning of a long journey for Landmark Cars, positioning the company in the right place at the right time.
He pointed out that the luxury car market in India has been growing 2-3 times faster than the passenger car market. This trend is expected to continue for the next decade. With all major luxury car makers now focusing on India, the country has become a prominent player in the global automotive landscape.
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(Edited by : Ajay Vaishnav)
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